Online Reporter
Business Reporter
Microfinance entity, Yambukai Finance, has opened a new branch at Sam Levy, Borrowdale, as it continues to expand its footprint in the country.
This branch expansion is poised to boost Yambukai’s lending capacity across various economic sectors.
This latest addition brings the company’s total branch count to 13, with locations in Bulawayo, Marondera, Chitungwiza, Masvingo, Gweru, Mutare, Kwekwe, Gokwe, Chinhoyi and four branches in Harare including the new Borrowdale branch.
According to Yambukai Finance’s managing director, Mr Eilex Muzvondiwa, the company is committed to growing its footprint and services across the country.
In the short term, the entity plans to establish a presence in other major towns, including Chiredzi and Victoria Falls.
Although Yambukai Finance’s product offerings include asset finance, salary-based loans, and zero-interest rate loans, the entity’s services are mainly concentrated on business loans, which account for approximately 70 per cent of its loan portfolio.
These loans are primarily designed to cater for the needs of Small and Medium-sized Enterprises (SMEs) and small corporations.
This targeted approach enables the MFI to play a critical role in promoting entrepreneurship and economic growth among small businesses and SMEs.
In an interview on the sidelines of the Borrowdale branch opening, Mr Muzvondiwa said the company’s vision is to expand its reach across Zimbabwe, ensuring that its services are accessible to every part of the country.
He added that Yambukai Finance will continue growing its capacities, bridging the financial gap left by traditional banking services, offering vital financial support to businesses that may not have access to mainstream banking facilities.
“As Yambukai Finance, we are on a growth path and envision the company covering the whole of Zimbabwe, making our services reach every corner in the country.
“SMEs are one of the major reasons we are in this business; they are our main area of concentration.
“In fact, 70 percent of our loans are business loans.
“We plug the gap left by mainline financial institutions because, simply due to their size and bureaucracy, SMEs are often left exposed without a helpline, so we complement each other’s service,” said Mr Muzvondiwa.
Established in 1999 and officially registered as a microfinance entity in June 2000, Yambukai Finance has come a long way since its inception.
The company was founded by three shareholders: the late Kenneth Madzima, Henry Gatawa and Mr Muzvondiwa, who remains at the helm of the organisation.
With its continued expansion, Yambukai Finance is well-positioned to provide financial services to an increasingly broad customer base.
These developments come as the company recently partnered with LOLC Holdings, the largest financial provider in Sri Lanka.
This has given Yambukai Finance leverage to increase its lending capacity to various sectors of the economy.
Since LOLC Holdings’ investment, Yambukai has seen phenomenal growth in the number of clients handled and particularly the size of loan disbursements.
LOLC has not only provided financial support to the company but technical assistance as well.
